Order of the General Court (Eighth Chamber) of 21 March 2012 --
   Telefónica v Commission

   (Case T-228/10)

   Action for annulment -- State aid -- Aid schemes allowing for the tax
   amortisation of financial goodwill for foreign shareholding
   acquisitions -- Decision declaring the aid scheme incompatible with the
   common market and not ordering the recovery of aid -- Act entailing
   implementing measures -- Lack of individual concern -- Inadmissibility

   1.                     Actions for annulment -- Natural or legal
   persons -- Measures of direct and individual concern to them --
   Commission decision prohibiting a sectoral aid scheme -- Action by an
   undertaking having benefited from an individual aid granted under that
   scheme but not subject to a repayment obligation -- Inadmissibility --
   No infringement of the right to effective legal protection -- (Art.
   263, fourth para., TFEU) (see paras 23-24, 26, 38)

   2.                     Actions for annulment -- Natural or legal
   persons -- Measures of direct and individual concern to them --
   Commission decision prohibiting a sectoral aid scheme -- Individual
   concern -- Criteria -- Person belonging to a closed circle of persons
   -- Capacity as party to the administrative procedure -- No clearly
   defined position as a negotiator -- Inadmissibility (Art. 263, fourth
   para., TFEU) (see paras 28-31, 36-37, 40)

   3.                     Actions for annulment -- Natural or legal
   persons -- Measures of direct and individual concern to them --
   Individual concern -- Assessment at the time the action brought (Art.
   263, fourth para., TFEU) (see para. 35)

   4.                     Actions for annulment -- Natural or legal
   persons -- Measures of direct and individual concern to them -- Measure
   containing implementation measures at national level -- Need to show
   that persons individually affected (Art. 263, fourth para., TFEU) (see
   paras 42-45)

   Re:

   APPLICATION for annulment of Article 1(1) of Commission Decision
   2011/5/EC of 28 October 2009 on the tax amortisation of financial
   goodwill for foreign shareholding acquisitions C 45/07 (ex NN 51/07, ex
   CP 9/07) implemented by Spain (OJ 2011 L 7, p. 48).

   Operative part

   1.

   The action is dismissed.

   2.

   Telefónica, SA is ordered to pay the costs.